Significant Bitcoin Transfer: $630K to Kraken, Totaling $5.5M in Two Months

In a notable movement within the Bitcoin market, a major holder of Bitcoin, who originally mined the cryptocurrency shortly after its inception in 2009, has made another substantial transfer of $630,000 to the crypto exchange Kraken.

According to blockchain analytics firm Arkham Intelligence, this transfer is part of a larger trend, with the Bitcoin whale having moved a total of $5.47 million worth of Bitcoin (BTC) to Kraken over the past two months.

• The whale still retains a significant amount of Bitcoin, valued at approximately $75.23 million.
• Following the latest transfer, the wallet moved its remaining 1,127 BTC to a new address.

Historically, Bitcoin addresses from the early days of the blockchain seldom execute transactions. However, this recent activity may indicate that these early miners are beginning to liquidate parts of their holdings.

This trend follows another case where a different early Bitcoin whale transferred 10 BTC, or roughly $610,000, to Kraken on October 3. Arkham reported that this particular wallet had been inactive for at least a decade.

In another instance in September, a miner from two months after Bitcoin’s blockchain launch moved an impressive $16 million to Kraken after a 15-year dormancy.

The Bitcoin price has seen a significant increase over the past week, rising by 7.45% to surpass $67,000. This upward trend might be motivating the whales to take action on their assets.

Over the last year, Bitcoin has experienced notable price fluctuations, with values dropping as low as $28,000 but reaching a new all-time high of $73,000 in March.

The market sentiment as measured by the Crypto Fear & Greed Index is currently in the “Greed” zone, scoring 73 out of 100 as of October 16. This marks a continuation of positive momentum, with the index last recording a score above 73 on July 29 when Bitcoin was around $66,000.